The Five Most Nonsensical Phrases in Finance

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These commonly abused financial phrases have me rolling my eyes all day long.

1. Comprehensive financial plan

When was the last time you planned for a specific event and did not do so comprehensively?

I’m planning for my kid’s birthday, so I made arrangements for the cake and the decorations. However, I didn’t send out invites to any of the guests. No need to plan out the guest list, I figured that would be better left up to random chance. We’ll just hang out in the park and see if anybody stops by.

Any financial plan done by a credible professional will obviously include all the important elements. Otherwise, it’s not a plan because it won’t outline a strategy for achieving anything.

The term is aggrandizing and intended to make the advisor look hard working. Far too often, the advisor doesn’t do anything more than just print out a report from eMoney or MoneyGuidePro, charge the client $4,000, and then go golfing.

The phrase should instead be, “Downloaded financial template.”

How would that look on your website?